City Council Minutes 1993 11 03 - Laserfiche WebLink

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Paul Wood, Planning Director, stated that the direction of Council to staff was to review some issues with regard to the right-of-way vacation. The applicant was not present. Sisk was concerned because Council was being asked to vacate a portion of property, about 50,000 s.f., which is presently a right- of-way. They would then do a land trade and Louisville would end up getting the applicant's parcel back as open space as part of their dedication. He wondered what was in it for the city to vacate the property, because the right-of-way can remain, as there is no reason to vacate it, and it could be continuing open space. He stated that if Council vacated the property, they're giving the applicant $50 - $75,000. He stated that he was told that the removal of the asphalt would be $3 - $5,000. He wanted McCaslin to be as green as possible. Susan Griffiths, City Attorney, reViewed a memorandum she had sent to Council (SEE ATTACHED). Howard moved that Council postpone this issue until 7:45 p.m. to give the applicant adequate time to respond. Seconded by Sisk. All in favor except Davidson. ORDINANCE NO. 1130, SERIES 1993 - AUTHORIZING THE ISSUANCE OF THE CITY OF LOUISVILLE, COLORADO, SALES TAX REFUNDING REVENUE BONDS, SERIES 1993, IN THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF $6,175,000, FOR THE PURPOSE OF REFUNDING A PORTION OF THE CITY'S OUTSTANDING SALES TAX REVENUE BONDS; PRESCRIBING THE FORM OF SAID BONDS; PROVIDING FOR THE PAYMENT OFTHEPRINCIPAL OFAND INTEREST ON SAID BONDS FROM A PORTION OF THE REVENUES OF THE SALES TAX IMPOSED BY THE CITY AND PTmDGED TO THE CITY'S CAPITAL IMPROVEMENT FUND; PROVIDING FOR THE PAYMENT AND DISCHARGE OF THE OUTSTANDING SATES TAX REVENUEBONDS BEING REFUNDED; AND PROVIDING OTHER COVENANTSAND DETAILS IN CONNECTION THEREWITH - 1STREADING - SET PUBLIC HEARING 11/16/93 Griffiths read by title only Ordinance No. 1130, Series 1993, "An ordinance of the City of Louisville, authorizing the issuance of the City of Louisville, Colorado sales tax refunding revenue bonds, series 1993, in the total aggregate principal amount of $6,175,000, for the purpose of refunding a portion of the city's outstanding sales tax revenue bonds, prescribing the form of said bonds; providing for the payment of the principal of and interest on said bonds from a portion of the revenues of the sales tax imposed by the city and pledged to the city's Capital Improvement Fund; providing for the payment and discharge of the outstanding sales tax revenue bonds being refunded; and providing other covenants and details in connection therewith." Forrest Cason, Kirkpatrick Pettis, one Norwest Center, 1700 Lincoln Street, Suite 2200, Denver, Colorado 80203, stated that this ordinance is a recommendation to the Council that the sales tax 5